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Paul and Mannis each sell 1/3 of their partnership interest to Patel, receiving $104400 each. At the time of the admission, each partner has a
Paul and Mannis each sell 1/3 of their partnership interest to Patel, receiving $104400 each. At the time of the admission, each partner has a $313200 capital balance. The entry to record the admission of Patel will show a:
a) debit to Paul, capital for $104400
b)debit to cash for $208800
c)credit to Patel, capital for $313200
d)debit to Mannis, capital for $313200
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